Manchester City have changed ownership on Monday, with owner Thaksin Shinawatra deciding to sell to the 'Abu Dhabi Group for Development and Investment' (ADUG), according to a spokesperson for the United Arab Emirates city.
Abu Dhabi will now immediately take over the North West club after a deal was made late on Sunday night.
Shinawatra only became the owner of City last summer, with reports rife in the press recently stating that the former Thai PM was in serious financial trouble following the freezing of his assets by the Thai government.
However, as part of the deal Shinawatra will take up an ‘honorary’ presidential position, but this will hold no power within the corridors of the Eastlands Stadium.
Dr. Sulaiman Al Fahim, who will be part of the new regime at City, told ArabianBusiness.com, “We will release details later, but this is a great event for both the club and Abu Dhabi.
“Our goal is very simple – to make Manchester City the biggest club in the Premier League, and to begin with, to finish in the top four this season.”
Al Fahim has also revealed that the deal includes the incoming owners clearing any debts and making a pledge to strengthen Manager Mark Hughes’ squad with ‘top four’ players.
ADUG have also revealed that they have bought the Premier League club for both football and economic reasons.
“We in Abu Dhabi United Company for Development and Investment are keen to develop ways to provide support and care for various sports activities to help build and develop a new generation of young State, which represents the real wealth and the future of this nation and the cornerstone for building the future of our civilisation," he said.
“As embodied in our mission to open new horizons in all kinds of sports, it will enable them to enjoy healthy body and mind, thanks to the lessons we have learned from the wise leadership in Abu Dhabi.
“We will adopt marketing plans that reflect positively on the club and the company from investments in all sectors of television marketing and purchasing of the stars players, as well as development of infrastructure facilities at the club.”
Abu Dhabi already has an involvement in football in Italy, where they are part owners of a youth academy with Serie A Champions Inter Milan
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